Cary, NC - Ply Gem Holdings, Inc. (“Ply Gem” or the “Company”), a leading manufacturer of exterior building products in North America, today announced financial results for the second quarter and first half of 2012.
Our 2012 highlights included:
Gary E. Robinette, President and CEO, said “I am satisfied with the positive direction that Ply Gem’s performance has demonstrated thus far in 2012. Our first half net sales growth of 10.5% demonstrates our ability to continue to take profitable market share as well as improved market demand for our products. As expected, the rate of sales growth slowed in the second quarter as compared to the first quarter which we believe was positively impacted by favorable weather conditions that existed throughout most of the United States during the winter months.”
“Even though the market environment was better during the first half of this year, we believe the recovery will continue to be slow and choppy for some time. As such, Ply Gem will continue to focus on maintaining a lean overall cost structure while striving to outperform the market across all of our product categories,” concluded Mr. Robinette.
Ply Gem, headquartered in Cary, N.C., is a leading manufacturer of exterior building products in North America. Ply Gem produces a comprehensive product line of vinyl siding, designer accents and skirting, vinyl fencing and vinyl and composite railing, stone veneer and vinyl windows and doors used in both new construction and home repair and remodeling in the United States and Western Canada.
Ply Gem siding brands include Mastic Home Exteriors®, Variform®, NAPCO®, Ply Gem® Stone, Kroy®, Cellwood®, Georgia Pacific, DuraBuilt®, Richwood®, Leaf Relief®, Gutter Warrior™ and Monticello® Columns. Ply Gem also manufactures vinyl and aluminum soffit and siding accessories, aluminum trim coil, wood windows, aluminum windows, vinyl and aluminum-clad windows and steel and fiberglass doors.
Ply Gem windows and patio door brands include Ply Gem® Windows, Mastic® Replacement Windows, Ply Gem® Canada and Great Lakes® Window. The Company’s brands are sold through short-line and twostep distributors, pro dealers, home improvement dealers and big box retailers. Ply Gem employs more than 4,200 people across North America. Visit www.plygem.com for more information.
• Net sales for the second quarter were $307.3 million, an increase of $12.8 million, or 4.3%, compared to the prior year second quarter of $294.5 million. Net sales for the first half of 2012 were $546.5 million, higher than the prior year by $51.9 million, or 10.5%.
• Our second quarter operating earnings were $31.0 million compared to $28.8 million for the second quarter of 2011 after considering the inventory buyback expense associated with new customer wins. Operating earnings for the first half of 2012 were $32.7 million compared to $21.2 million for the first half of 2011 after considering the inventory buyback expense associated with new customer wins.
• Adjusted EBITDA was $44.2 million for the second quarter of 2012 compared to Adjusted EBITDA of $42.6 million for the second quarter of 2011. Adjusted EBITDA was $59.2 million for the first half of 2012 compared to Adjusted EBITDA of $49.2 million for the first half of 2011.
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